Daily News Update, Feb. 22, 2008

Asian markets remain a frustration for U.S. cattlemen

NCBA Chief Economist Gregg Doud reports that the only significant markets still completely closed to U.S. beef are South Korea and China, with the "20 month and under" limitation still drastically affecting our trade into Japan.

• Exports to Japan in 2007 were $244 million versus $1.391 billion in 2003, suggesting that we're still at least $1 billion shy of what we're capable of in that market.

• Exports to South Korea were $119 million in 2007 during the brief periods (totaling approximately 109 days) that Korea was open to U.S. boneless beef from cattle less than 30 months of age. South Korea imported $815 million in U.S. beef and beef products in 2003, but the decline in the value of the U.S. dollar alone since that time suggests South Korea is potentially at least a $1 billion market for U.S. beef should completely normalized market access be regained.